Synthetic Natural Gas Market worth $68.4 billion | MarketsandMarkets™

CHICAGO, May 9, 2024 /PRNewswire/ -- Synthetic Natural Gas Market in terms of revenue was estimated to be worth $23.9 billion in 2024 and is poised to reach $68.4 billion by 2029, growing at a CAGR of 23.4% from 2024 to 2029 according to a new report by MarketsandMarkets™.

The global Synthetic Natural Gas Market is anticipated to grow at a higher level. There are various drivers responsible for the growth of the market such as government policies and incentives and technological advancements among others. Investments in infrastructure for gasification, methanation, and distribution networks constitute the backbone of the synthetic natural gas (SNG) market. This strategic allocation of resources is pivotal for ensuring the seamless production and widespread adoption of SNG as a viable energy source. Technological advancements enable the creation of more dependable and cost-effective synthetic natural gas technologies, hence propelling market expansion.

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Synthetic Natural Gas Market Scope:

Coal, by source, is expected to be the segment during the forecast period.

Public perception plays a crucial role in shaping the trajectory of coal-derived SNG projects. Concerns about air pollution, climate change, and sustainability have led to heightened scrutiny of fossil fuel-based energy sources, including coal. Negative perceptions of coal's environmental impact, such as its contribution to greenhouse gas emissions and its association with local air pollution and health issues, can lead to opposition from communities, environmental groups, and policymakers.

Furthermore, public perception can affect the market demand for SNG produced from coal by influencing consumer preferences, investor decisions, and corporate sustainability goals. Companies operating in industries sensitive to public opinion, such as utilities and energy providers, may face reputational risks and market backlash if they are perceived as supporting or investing in coal-derived SNG projects without adequate environmental mitigation measures.

The Anaerobic digestion & fermentation, by technology, is expected to be the largest segment during the forecast period.

Waste management needs are increasingly pressing in modern societies, particularly concerning the management of organic waste. Anaerobic digestion and fermentation technology present a compelling solution to this challenge by efficiently converting organic waste into energy. As urban populations grow and consumption patterns evolve, the volume of organic waste generated continues to rise, placing strain on traditional waste management systems. Inefficient disposal of organic waste not only contributes to environmental pollution but also represents a significant missed opportunity for resource recovery.

Asia Pacific is expected to be the fastest growing region in the Synthetic Natural Gas Market.

Robust economic growth in the Asia Pacific region drives increased energy consumption across various sectors, including industry, transportation, and residential. As economies expand, there is a greater demand for energy, including cleaner alternatives like SNG, to fuel industrial processes, power generation, and transportation networks. Rapid urbanization, population growth, and increasing per capita income levels in many Asia Pacific countries drive up overall energy demand. This trend is particularly pronounced in emerging economies experiencing a surge in industrialization and infrastructure development. Consequently, there is a heightened focus on diversifying the energy mix and securing sustainable sources of energy, including SNG, to meet the growing needs of a burgeoning population and expanding economies.

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Key Market Players of Synthetic Natural Gas Industry:

Some of the major players in the Synthetic Natural Gas Market are Basin Electric Power Cooperative (US), Air Liquide (France), EnviTec Biogas AG (Germany), Verbio SE (Germany), Kinder Morgan (US). The major strategies adopted by these players include new product launches, acquisitions, contracts, agreements, partnerships, joint ventures, collaborations, investments, and expansions.

Recent Developments of Synthetic Natural Gas Industry:

• In April 2024, Air Liquide continues to expand its capacities in biomethane, also known as Renewable Natural Gas (RNG) in the U.S., with the construction of two new production units. These units, located in Center Township, Pennsylvania, and Holland Township, Michigan, will treat waste sourced from dairy farms.
• In April 2024, Brightmark RNG Holdings, a joint venture between Chevron USA Inc. and Brightmark, has opened its Eloy Renewable Natural Gas (RNG) center, producing pipeline fuel by capturing methane from dairy operations. Eloy RNG will produce RNG using anaerobic digesters at the Caballero Dairy farm in Arizona.
• In April 2024, AMERESCO, A leading cleantech integrator specializing in energy efficiency and renewable ENERGY, DEVELOPED and construct advanced technology biogas cogeneration facility for the Sacramento Area Sewer District located at the EchoWater Resource Recovery Facility which will cost nearly USD 140 million.
• In March 2024, Electrochaea and Erik Thun AB have signed an agreement to enter negotiations on the off-take of e-methane to be produced by Electrochaea' s subsidiary BioCAT Roslev Aps in Denmark for usage as maritime fuel in the vessels operated by Erik Thun AB.

The primary interviews conducted for this report can be categorized as follows:

• By Company Type: Tier 1 - 65%, Tier 2 - 24%, and Tier 3 - 11%
• By Designation: C-level - 30%, D-level - 25%, and Others - 45%
• By Region: North America - 10%, Europe - 25%, Asia Pacific - 35%, and the Rest of the World – 30%

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Synthetic Natural Gas Market - Key Benefits of Buying the Report:

The report defines, describes, and forecasts the global synthetic natural gas by source, technology, application, and Region. It also offers a detailed qualitative and quantitative analysis of the market. The report comprehensively reviews the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the synthetic natural gas market. 

The report provides insights on the following pointers:

• Government initiatives at the national and international levels amplify the impact of investment on the synthetic natural gas market. Robust policy frameworks, often accompanied by financial incentives, subsidies, and regulatory support, encourage widespread adoption of synthetic natural gas. Factors such as high initial cost and lack of infrastructure restrain the growth of the market. The growing energy transition towards renewable energy sources and rapid urbanization are expected to present lucrative opportunities for the players operating in the synthetic natural gas.
• Product Development/ Innovation: The synthetic natural gas market is witnessing significant product development and innovation, driven by the growing demand for environmentally friendly, safe and sustainable products. Companies are investing in developing advanced synthetic natural gas technologies for various applications.
• Market Development: Air Liquide collaborated with Dentro il Sole (DIS) to operate as an electrical contractor for constructing two biomethane production units in Italy. These units have a production capacity of 50 GWh per year.
• Market Diversification Basin Electric Power Cooperative plans to construct up to 583 megawatts of natural gas generation plant under its subsidiary Dakota Gasification Company near the existing Pioneer Generation Station, northwest of Williston, North Dakota.
• Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players, like include Basin Electric Power Cooperative (US), Air Liquide (France), EnviTec Biogas AG (Germany), Verbio SE (Germany), and Kinder Morgan (US), among others in the synthetic natural gas market.

Related Reports:

Fuel Cell Market - Global Forecasts to 2028

Biomethane Market  - Global Forecasts to 2030

Hydrogen Market  - Global Forecasts to 2030

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